SVS Securities - shut down?

WilliamsDad

gonzo7 said:

My accounts, like those of many others, have been incorrectly stated for weeks.  The dasboard valuation differs from the portfolio valuation and they are both wrong!  I've patiently waited for them to be corrected but it's just not happening so I thought I'd send a little request for correction.  When I try to do so I get this annoying response:
"Please provide a valid charcter like (,),\,/,|,@,.,,,*,#,space,?,_,-,[,]"
What?  I've tried to overcome this but cannot.  Any ideas welcome.
many thanks

I had this problem too - I had to remove all the apostrophes and carriage returns to get the form to submit.

shiznit76

gonzo7 said:

My accounts, like those of many others, have been incorrectly stated for weeks.  The dasboard valuation differs from the portfolio valuation and they are both wrong!  I've patiently waited for them to be corrected but it's just not happening so I thought I'd send a little request for correction.  When I try to do so I get this annoying response:
"Please provide a valid charcter like (,),\,/,|,@,.,,,*,#,space,?,_,-,[,]"
What?  I've tried to overcome this but cannot.  Any ideas welcome.
many thanks

trying typing the message with no capitals or punctuation marks. Sounds odd, but does seem to work. Don't hold your breath for a reply though

Nbs222

on page 347 at 11:55 I  made a comment  saying all negative values have been removed  from the SC accounts.

On the same day 08-sep-20 they did bulk transfers taking values from SC accounts knowing quite well that  all valuations  for SC accounts will be wrong . They knew majority transfers if not all  were for SC accounts and the  transfer valuations will be all wrong.

In the transfer email they wrote

----------------------------------------------------------------------------

We expect the following steps to be taken

• Halifax Group (inc iWeb) agrees the position to be transferred for your account and relays confirmation back to ITI Capital
• ITI Capital and Halifax Group (inc iWeb) agree transfer dates
• ITI Capital deliver shares Halifax Group (inc iWeb)

-------------------------------------------------------------------------------------

Obviously the position will not be agreed and hence no transfers.

Not looking good.

AgriBoy

New to the site, so firstly thanks to all for building the picture of what is happening during this dreadful experience.
I have a couple of links for anyone who is less than enamoured with the FCA. Although they are not directly connected, they flesh out the situation in which we find ourselves.
https://www.investmentweek.co.uk/news/4019925/gina-miller-slams-fca-scandalous-compensation-review 
https://digitaleditions.telegraph.co.uk/data/348/reader/reader.html?#!preferred/0/package/348/pub/348/page/90/article/80980 

Jamesram

NBS22 So sorry to hear about the further hassle on transfer out

Sadly I am not surprised- this is a copy of my email to Pras Kumpati- an LC employee seconded to ITI who has helped me with one matter and is trying to assist my iWeb transfer (which was not in the iWeb 250, but really should have been- it was requested 21 August) :-

"Hi Pras

Look, this is really alarming, from another ex SVS client who says today:

"I was in contact with IWEB , good news is they have received my valuations.

Bad news is they are all wrong. My transfer valuations were from SC accounts , but only contained items that were left in SC accounts after the migration  to PX accounts.

Is that delibrate?

So what can we do , If we fill another Transfer request for PX account , then what guarantee  is that by the time ITI come to process them they would again  have moved to SC accounts or somewhere else.

Also you cannot have one ISA account , if your SC account is  marked  as ISA then you can't have PX account as ISA with the same provider, can you?.

I would expect this would be the case for all 250 valuations they sent to IWEB and also to other brokers.

We are back to square one"

[ME;-

"I have raised just  this same  point of concern with you and others [ at ITI and LC] before:

"My email response to you on 8 September said "Thanks for dealing with this. There is also my Phoenix account though, PX3*97, which holds a further 7 stocks current value £**K.

It is not clear to me that these stocks are included in the intended transfer. They have obviously been seperated into the Phoenix PX3*97 and for some reason the other 3 stocks in Qort SC361*2 got "left behind".

So at present the Dashboard and My Portfolio says that SC361*2 is " Closure Requested"- it should of course properly say Transfer Requested"- but PX3*97 just says "Open". I did not ask for these stocks to be split up like this- just another mystery, but what I do need to happen is that the stocks in both accounts are transfered to iWeb, not just the 3 in SC361*2.

You did say you would investigate and get back to me about it-  now I find that its happening to others exactly as I suspected it might.

If I can spot these obvious issues before then why cannot ITI Capital account management and transfer departments, and resolve them?

I am afraid this is just a terrible terrible shambles. I am so distressed and fed up.. I am also afraid that your re-assurance to do your utmost (and I am sure you will) to get this transfer sorted before 30 October when your secondment ends, is just really worrying of itself. The possibility that I might have to wait for almost  3 months from the date of my transfer request is bad enough, any you are saying that this is just a target of achievment with you doing your utmost- not a definite date

What on earth is going on here? Who at ITI Capital is preventing you from facilitating this transfer for me?

Have a good weekend yourself , but please pick this up on Monday, I beg you".

See, a once proud punter reduced to begging! Why can't these people get anything right?

rnf11

Nbs222 said:

...........

Obviously the position will not be agreed and hence no transfers.

Not looking good.

How would the receiving broker know what the accurate situation actually is?

In your particular case have you already told them what to expect?

shiznit76

Jamesram said:

NBS22 So sorry to hear about the further hassle on transfer out

Sadly I am not surprised- this is a copy of my email to Pras Kumpati- an LC employee seconded to ITI who has helped me with one matter and is trying to assist my iWeb transfer (which was not in the iWeb 250, but really should have been- it was requested 21 August) :-

"Hi Pras

Look, this is really alarming, from another ex SVS client who says today:

"I was in contact with IWEB , good news is they have received my valuations.

Bad news is they are all wrong. My transfer valuations were from SC accounts , but only contained items that were left in SC accounts after the migration  to PX accounts.

Is that delibrate?

So what can we do , If we fill another Transfer request for PX account , then what guarantee  is that by the time ITI come to process them they would again  have moved to SC accounts or somewhere else.

Also you cannot have one ISA account , if your SC account is  marked  as ISA then you can't have PX account as ISA with the same provider, can you?.

I would expect this would be the case for all 250 valuations they sent to IWEB and also to other brokers.

We are back to square one"

[ME;-

"I have raised just  this same  point of concern with you and others [ at ITI and LC] before:

"My email response to you on 8 September said "Thanks for dealing with this. There is also my Phoenix account though, PX3*97, which holds a further 7 stocks current value £**K.

It is not clear to me that these stocks are included in the intended transfer. They have obviously been seperated into the Phoenix PX3*97 and for some reason the other 3 stocks in Qort SC361*2 got "left behind".

So at present the Dashboard and My Portfolio says that SC361*2 is " Closure Requested"- it should of course properly say Transfer Requested"- but PX3*97 just says "Open". I did not ask for these stocks to be split up like this- just another mystery, but what I do need to happen is that the stocks in both accounts are transfered to iWeb, not just the 3 in SC361*2.

You did say you would investigate and get back to me about it-  now I find that its happening to others exactly as I suspected it might.

If I can spot these obvious issues before then why cannot ITI Capital account management and transfer departments, and resolve them?

I am afraid this is just a terrible terrible shambles. I am so distressed and fed up.. I am also afraid that your re-assurance to do your utmost (and I am sure you will) to get this transfer sorted before 30 October when your secondment ends, is just really worrying of itself. The possibility that I might have to wait for almost  3 months from the date of my transfer request is bad enough, any you are saying that this is just a target of achievment with you doing your utmost- not a definite date

What on earth is going on here? Who at ITI Capital is preventing you from facilitating this transfer for me?

Have a good weekend yourself , but please pick this up on Monday, I beg you".

See, a once proud punter reduced to begging! Why can't these people get anything right?

Did you apply to close your account before transferring out, or is that showing since the process of transferring started?

rnf11

After receiving the email that many others have had from ITIC on Tuesday evening, I was surprised to receive a personal email from ITIC on Thursday about needing to log in (to the onboarding account) and complete the closure formalities. What followed was a quickfire (!!!!) exchange of messages and after some rapid scanning, I was able to copy across some documents. Then it went quiet. Maybe they are satisfied, or they might still want a "signature"?

I would have thought the order of play should have been in reverse.

PS. In the course of the exchange, ICIT stated that the ISA account would be identified as such.

Jamesram

Correction (and last post today!)

Re my previous post above - "NBS22 So sorry to hear about the further hassle on transfer out

Sadly I am not surprised- this is a copy of my email to Pras Kumpati- an LC employee seconded to ITI who has helped me with one matter and is trying to assist my iWeb transfer (which was not in the iWeb 250, but really should have been- it was requested 21 August) :-

NOTE   It was Second of August - don't want anyone thinking "that johnny- come-lately is trying to steal a march!"

bnet

SteveJohnson56 said:

When you submitted the cash withdrawal what was the date, how many days did it take to hit your account?

The signature date of the form was 26/08 
And money was receipt on 27/08 
I selected the option of urgent payment with a fee of 10 GBP